Electric Vehicles Fuel Cells Market Dynamics, Forecast, Analysis and Supply Demand 2027

Business

Need for Zero-Emission Transport Solutions

  • G8 Leaders (Canada, Russia, Italy, Germany, Japan, France, the U.K., and U.S.) and Europe  have declared to cut carbon dioxide emission by at least 80% by 2050 in order to stabilize atmospheric carbon dioxide and global warming
  • In order to cut the carbon dioxide emission, decarbonization up to 95% of the road transport is required. The compatibility and availability of alternative biofuels is also very low
  • Improvement in efficiency of the internal combustion engine cannot be expected to improve more than 30% during the coming years

Fuel Cell as Technology

  • Fuel cell is akin to a battery, which generates electricity with the help of electrochemical reaction. Fuel cells and batteries convert chemical energy into electrical energy. Fuel cells also produce a by-product during the process that is heat.
  • Once the energy from battery is depleted, the battery needs to be discarded or recharged with the help of an external electrical supply to run the electrochemical reaction in opposite direction
  • Fuel cell can operate as long as it is provided with a source of fuel, which is hydrogen. The electrochemical oxidization of hydrogen takes place in fuel cell in an effective way. The oxygen atoms react with hydrogen ions, resulting in formation of water, while electrons are released and passed through an external circuit in the form of electric current. In this entire process, water vapor is the only exhaust emitted.

Key Drivers of Electric Vehicles Fuel Cells Market

  • To overcome the pollution caused by the application of crude oil, petroleum products, etc. as hydrogen is non-polluting as a fuel. The only byproduct of hydrogen after combustion is water and heat.
  • To stabilize the carbon dioxide content in the atmosphere and reduce the chances of global warming in the near future. As, the carbon dioxide emission is expected to nullify on application of fuel cells.
  • Fuel cells are likely to increase the overall efficiency of automobiles

Fuel Cells in Electric Powertrain

  • Electric drivetrains are used in fuel cells and battery electric vehicles. Battery electric vehicles are solely powered by batteries, while fuel cells consist of small batteries and are powered by hydrogen fuel cell same as hybrid. Both these automobiles benefit from near silent operation, no tail pipe emission, and excellent drivability.
  •  Fuel cell operated electric vehicle offers advantages of electric vehicles combined with the utility of a combustion engine car, as it can be refueled in minutes as conventional fuel and then can be used for hundreds of kilometers.
  • The mixture of conventional convenience and advantages that fuel cells could offer is irresistible and good option for personal mode of transportation

North America Expected to Hold Major Share of Global Electric Vehicles Fuel Cells Market

  • North America is projected to lead the global market during the forecast period, due to the stringent environmental laws and rise in awareness about fuel cells
  • Tesla Inc., is the major manufacturers of electric cars in the U.S. followed by Chevrolet. Tesla’s two most popular vehicles are the Tesla Model S and Tesla Model X. In Europe, Ford, Volkswagen, and BMW are key manufacturers of electric cars.
  • The electric vehicles fuel cells market in Europe and Asia Pacific is likely to expand at a rapid pace during the forecast period. Countries such as India, Japan, and China in Asia Pacific have started electrification of vehicles on a large scale.
  • The government of China is investing in the development of China’s hydrogen energy and fuel cell operated electric vehicles.
  • Latin America and Middle East & Africa are expected to account for small share of the market during the forecast period

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Key Players in Electric Vehicles Fuel Cells Market:

The electric vehicles fuel cells market is highly concentrated with the top companies as the technology have just started taking pace

  • Fuji Electric Co., Ltd.
  • Elcogen AS
  • Ballard Power Systems.
  • Hydrogenics
  • Dana Limited
  • NUVERA FUEL CELLS, LLC
  • Oorja Corporation

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